Adjusting entries are necessary to bring the general ledger accounts in line with the budget.
Adjusting entries are necessary to enable financial statements to be in conformity with GAAP.
Adjusting entries are necessary to ensure that the revenue recognition principle is followed.
Adjusting entries are necessary to ensure that the expense recognition principle is followed.
Question 7
The Vintage Laundry Company purchased $6,500 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indi-cated only $1,000 on hand. The adjusting entry that should be made by the company on June 30 is: debit Laundry Expense, $5,500; credit Laundry Supplies, $5,500. debit Laundry, $1,000; credit Laundry Supplies Expense, $1,000. debit Laundry Expense, $1,000; credit Laundry Supplies, $1,000. debit Laundry, $5,500; credit Laundry Supplies Expense, $5,500.
Question 8
Similarities between International Financial Reporting Standards (IFRS) and U.S. GAAP in-clude all of the following except
Cash-basis accounting is not in accordance with either IFRS or U.S. GAAP.
Both IFRS and U.S. GAAP divide the economic life of companies into artificial time periods.
The form and content of financial statements are very similar under IFRS and U.S. GAAP.
Both IFRS and U.S. GAAP allow revaluation of items such as land and buildings to fair value.
Question 9

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ACC 290 Finals
Question 1
Jackson Company recorded the following cash transactions for the year:
Paid $135,000 for salaries.
Paid $60,000 to purchase office equipment.
Paid $15,000 for utilities.
Paid $6,000 in dividends.
Collected $245,000 from customers.
Question 2
Which of the following describes…

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1) The uniform law, issued in 1984 by the Committee on Corporate Laws of the American Bar Association, that regulates the formation, operation, and termination of corporations is
2) Which of the following statements is true?
3) Which of the following statements is true?
4) What effect would a decrease in interest rates by the Federal Reserve most likely have in the…

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(TCO 7) Some of the characteristics of lean systems include which of the following?
(TCO 7) Mass customization means
(TCO 1) The foundation of the U.S. economic system is:
(TCO1) In the United States, the control of the money supply is the responsibility of the:
(TCO 1) The total value of final goods and services produced within a nation’s borders…

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( 1 )
In terms of trade promotions, offering additional free merchandise for placing an order is known as:
( 2 )
A consumer who makes the purchase decision based on price is called:
( 3)
A coupon placed inside a package to be used for a later purchase is called a(n):
(4)
When a cash register triggers a coupon for a product, it is called a:
(5)
Cash returns on soft…

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ACC 290 Final Exam
1) Which financial statement is used to determine cash generated from operations?
2) In terms of sequence, in what order…

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Question 207
On January 1, a machine with a useful life of five years and a residual value of $40,000 was purchased for $120,000. What is the depreciation expense for year 2 under the double-declining-balance method of depreciation?
IFRS Multiple Choice Question 01
As…